Dear User Advisorymandi.com or Pro advisory Championship (PAC) having purpose to provide you analytical skills of numbers of SEBI registered Research Analysts and Investment Advisers to choose best one among them for your hard earned investments. We Advisorymandi.com or Pro advisory Championship (PAC) not promote any adviser or provide any advise through Call, SMS and Social media platforms or give assurance of any return.

Change Mobile Number

Update Profile

Oil rises more than 1 percent as Libyan outage supports

NEW YORK - Oil prices rose more than 1 percent on Friday, supported by a dip in Libyan production and upbeat comments from Saudi Arabia that an OPEC-led effort to erode stockpiles is working.

Brent crude futures rose 78 cents, or 1.2 percent, to $67.17 a barrel. The global benchmark was on track for a second straight week of gains, gaining 3.6 percent so far.

West Texas Intermediate (WTI) crude futures increased 81 cents, or 1.3 percent, to $63.58 a barrel by 12:20 p.m. EST (1720 GMT). WTI was set for a 3.1 percent weekly gain, also its second consecutive rise.

Crude rebounded from an early loss after the shutdown of the El Feel oilfield in Libya, which produces 70,000 barrels per day of crude. Production in the OPEC-member has been running at about 1 million bpd, although it remains volatile due to unrest.

"Libya is another outage," said John Kilduff, partner at investment manager Again Capital in New York. "This market has benefited from a series of them over the past several months now, whether it's the Keystone, the North Sea [Forties], and now this."

Prices were also buoyed by comments from Saudi Arabia's energy minister Khalid al-Falih, who said that oil markets are rebalancing and that he expected inventories to continue declining this year.

The Organization of the Petroleum Exporting Countries and other producers including Russia agreed to cut output by about 1.8 million bpd from January 2017, removing almost 2 percent of global supply from the market, to end a supply glut that had triggered an oil price collapse.

OPEC wants to reduce inventories held by industrialised nations to their five-year average.

On Thursday, data from the Energy Information Administration showed that U.S. crude inventories unexpectedly fell 1.6 million barrels last week. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures fell 2.7 million barrels last week.

"The inventory levels are coming down, in the U.S. too," Again's Kilduff said. "That's why there's definitely a bullish narrative around the market right now."

Rising U.S. production has hurt OPEC's efforts to drain supplies. Output rose to its highest since the 1970s in late 2017, and by the end of 2018 is expected to top 11 million bpd.

U.S. crude exports are rising with output. Thursday's EIA data showed exports of U.S. crude jumped to just above 2 million bpd, close to a record 2.1 million hit in October.

"Robust oil production in the U.S. will continue to cap price gains," said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London.

An indicator of future production, the U.S. oil rig count for this week will be issued later on Friday.

LIVE ADVISORY

TESTIMONIALS

Samiul Shanti

Pro advisory gives excellent stocks and future tips.It is a very good platform for new traders like ... Read More

Samiul Shanti

Pro advisory gives excellent stocks and future tips.It is a very good platform for new traders like me and provides exact entry and exit point.As I am a working professional I can't monitor the market for whole day, so I don't trade regularly.But I made profit in nifty future segment without monitoring the market.Thanks for this unique concept and good effort.
Regards
Samiul Shanti.

Sandeep Paliwal

Dear sir/madam,
This is Sandeep Paliwal from Delhi. I want to thank the team of ADVISORY MANDI that ... Read More

Sandeep Paliwal

Dear sir/madam,
This is Sandeep Paliwal from Delhi. I want to thank the team of ADVISORY MANDI that help me to earn profit in this market. I have started with 25000 and double my money in a month and half. Intraday day tips with stop loss given was beneficial for me.
Thanks

Dev Jadeja

I am very glad to inform that i like this app it's very use full. This app give guideline what to bu... Read More

Dev Jadeja

I am very glad to inform that i like this app it's very use full. This app give guideline what to buy and sell in stock so i earn profit from it .

Chandrakant Adhav

Nandan Mohanty

"Sir,
i have been following PAC since last 1 month. It is quite beneficial for me to conduct... Read More

Nandan Mohanty

"Sir,
i have been following PAC since last 1 month. It is quite beneficial for me to conduct Intraday Treading .The valuable suggestions given by expert advisers without any charge is a pleasant experience for common men.I wish great success for PAC .
Thnak you
Nandan Mohanty
"

Experts Pick

AdvisoryMandi

JIST OF OPEC MONTHLY REPORT:NON OPEC PRODUCTION ON RISING SPREE

With 14 countries, OPEC is an intergovernmental organisation, founded in 1960 in Bagdad. OPEC stated...

AdvisoryMandi

Moumita Samanta

JIST OF OPEC MONTHLY REPORT:NON OPEC PRODUCTION ON RISING SPREE

With 14 countries, OPEC is an intergovernmental organisation, founded in 1960 in Bagdad. OPEC stated...

AdvisoryMandi

Moumita Samanta

JIST OF OPEC MONTHLY REPORT:NON OPEC PRODUCTION ON RISING SPREE

With 14 countries, OPEC is an intergovernmental organisation, founded in 1960 in Bagdad. OPEC stated...

OPINION POLL

Will end of FY 2017-18, see Nifty at 11K mark?

YES

NO

Total Votes: 1485

Enter email-id to share this news

Important Information

Please fill the required Disclosure/Disclaimer.

Disclaimer

The information and material contained in these pages and the terms, conditions, and descriptions that appear are subject to change without prior notice. Investments in equity shares, debentures, commodities, etc, are not obligations of or guaranteed by the ADVISORYMANDI , and are subject to investment risks.....More